Global Markets settlement cycle change from T+2 to T+1 for United States and Canadian markets effective 27 and 28 May 2024.

Effective Monday, 27 May 2024 for Canada and Tuesday, 28 May 2024 for the United States, trades executed via the Westpac Global Markets platform will transition from a T+2 settlement cycle to T+1. This means that trades will settle one business day after the trade date, aligning with the new U.S. Securities and Exchange Commission (SEC) settlement cycle.

Why is this change happening?

• Increased accessibility - Enjoy quicker access to your funds after executing trades, providing you with greater flexibility in managing your investment portfolio.
• Streamlined settlement process - The move to T+1 settlement streamlines the buying and selling process, reducing the time it takes for your trades to be finalised and settled.

What this means for you

For share purchases, funds are still required upfront (in advance). However from the above-mentioned dates, we will settle the trade from your foreign currency held in your Global Markets account on T+1 instead of T+2.

Please note, T+1 settlement changes also enable you to:

• Have quicker access to your settled funds (Available Cash) to purchase additional stock; and
• Withdraw or convert funds back to your linked AUD bank account.

For further information or clarification around global settlements, please contact the Global Markets trading desk on 1300 757 319 (open 24 hours a day on US trading days) or email globalmarkets@westpac.com.au.